As 2024 draws to a close, Dogecoin (DOGE) is attracting a number of investors and analysts who see a significant price swing for the meme coin.
Analyst Javon Marks recently projected that DOGE will achieve a target of $2.28 by the end of the year. This positive outlook is based on a synthesis of market opinion and technical analysis.
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Short-term Bullish Momentum
The technical side shows a positive bullish trend in the short and medium term for Dogecoin. An estimated 206% increase over the next three months is likely with current market sentiment.
This is a sign of increased interest in DOGE as it continues to position itself as an investment hub. In the next six months, it will be tighter but still important 51% growth is expected, according to CoinCheckup. That means that the upward movement in Dogecoin can maintain a healthy level.
Bull Market Patterns
The Fibonacci Extension analysis shows Dogecoin bull market patterns, which fuel Javon Marks' forecast. DOGE rose from $0.00009 to $0.00748, matching the 1.618 Fibonacci level in 2015–2017. The 2020–2021 cycle saw it rise from $0.00168 to $0.73, crossing the 1.618 Fibonacci level at $0.03912.
$ DOGE (Dogecoin) Update:
The history has not changed and it still shows that there is a very high probability that price will run to AND Above the 1.618 Fib extension level as it has done in all previous cycles and this time,
that would be an increase of over 570% from now to $2.28+! https://t.co/BtYB3vaWHH pic.twitter.com/Fdvqb7FtCW
— JAVON⚡️MARKS (@JavonTM1) December 25, 2024
Even though the price has fallen about 46% from its high of $0.48, people are still generally optimistic. Many believe that DOGE could easily break through barrier levels and go to higher levels if the market as a whole is in a good mood.
At the time of writing, the price of DOGE is approx $0.3227. If Marks' prediction is true, DOGE would have increased by 606% by the end of 2024.
Dogecoin (DOGE) prices have gone up and down a lot in the past. In 2017, the coin began a parabolic rise that saw it rise 200% and then fall 40%.
After that, it went up by an insane 5,000%. DOGE went through a similar trend in 2021. It went up 476%, then down 56%, and then up to 120%.
Medium to Long Term Forecasts
Looking ahead to the one-year mark, the projections are still very conservative at 24%, which is likely to indicate stability after the initial growth. Although the short-term prospects for Dogecoin are very positive, medium and long-term gains may be moderate with changes in market conditions.
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Other analysts even expect Dogecoin to reach $1 or $4 in the next few years, in addition to Marks' prediction. In short, the convergence of political development, technical factors, and social sentiment has created a unique environment for growth. With DOGE gaining more ground as a payment method for many businesses, its utility in the cryptocurrency ecosystem will also grow.
Featured image from TechRadar, chart from TradingView
